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Google and Facebook, each in their own way, have revolutionized the delivery of advertising based on search and social networking, creating a sort of anti-Spam: targeted, relevant ads that a consumer might actually welcome rather than spurn.

You look at the tremendous success of Facebook. To my mind there is not a lot of commerce going on in these social networking sites. eBay is a community anchored in commerce. It is a commerce site that built a community around it. What has not been proven is if the reverse can happen and people will go to community sites to do commerce.

If you're building a social product, you're still living in the last century if your product doesn't work on Facebook.

I mean, we've built a lot of products that we think are good, and will help people share photos and share videos and write messages to each other. But it's really all about how people are spreading Facebook around the world in all these different countries. And that's what's so amazing about the scale that it's at today.

The easiest way to figure out who the customer is in an online space is to figure out who is paying for the thing. Usually, the people paying are the customers. So on Facebook, the people paying are marketers. That makes them the customers. And it means we are the product being delivered to those customers.

At a minimum the majority of search dollars will flow to a social media model because people care most about what their peers think and the technology is there for that information to be quickly shared on products and services.

Facebook and Myspace are the U.S. audience, which is tried and true when it comes to being susceptible to ads.

While social media is a one of the best tools to spread brand awareness, network, stay updated on the latest industry news, and catch up with friends or family, it's another huge time waster.

In addition to building better products, a more open world will also encourage businesses to engage with their customers directly and authentically. More than four million businesses have Pages on Facebook that they use to have a dialogue with their customers. We expect this trend to grow as well.

Advertising works most effectively when it's in line with what people are already trying to do. And people are trying to communicate in a certain way on Facebook - they share information with their friends, they learn about what their friends are doing - so there's really a whole new opportunity for a new type of advertising model within that.